Greencore has reported a rise in full year profits

Greencore has reported a rise in full year profits

Profits at Ireland-based private-label supplier Greencore have jumped on the back of sales growth led by its food-to-go focus in the UK and US markets.

For the full year ended 25 September, net profit increased to GBP62.4m (US$94.5m) from GBP60m a year earlier.

Operating profit was up 10.6% to GBP91.7m which Greencore said increased thanks to "good cost control and good like-for-like growth".

Sales grew 5.2% to GBP1.34m. Like for like revenue growth across UK and US food to go businesses in FY15 was 10.4%.

In its prepared meals division, Greencore saw sales rise 1.8% and in US convenience foods, revenue was up 15.4%.

CEO Patrick Coveney said: "Greencore has had another strong year and our clear food-to-go led strategy has continued to drive growth in both the UK and US markets. We delivered 6% like for like revenue growth in convenience foods, 11% group operating profit growth and our fifth consecutive year of double digit growth in adjusted EPS. We increased our investment in major capacity and capability improvement projects during the year, in each case underpinned by long-term customer relationships."

The firm it is looking to ramp up production with expansion plans in Northampton and in Seattle that come online in 2016. 

Greencore is adding another manufacturing unit at its Northampton campus, requiring a further investment of GBP12m and entering production in the second quarter of 2017. "This unit will bring new, technically distinct, food to go competencies and products to our campus," Greencore said.